I don;t know if this is the thing you need or not.
1.
well, you could tell the image where to be and then put the iframe over it.
<div id="img" style="position:absolute; top:50px; left:50px;">
<img src="yourimg.gif">
</div>
<iframe id="content" style="position:absolute; top:50px; left:50px;">
<p> manyamanjiamania...content</p>
</iframe>
2.
hey, what happens if you put in:
alert(document.getElementById('divID').offsetLeft);
?
normally, if you run the script it'll tell you the offsetLeft in a warning pop-up.
If it gives you a number, that's the offset.
If not, the position hasn;t been declared.
[
It knows where to be and so on but it doesn't have that information in the style-tag.
]
You'ld have to give the image exact coordinates by using style="position:absolute; left:numberinpx; right:numberinpx 
(no it should have something to refer to.
3. (may be you alredy tried this one here...)(never mind, I read through and You trird it)
if this "document.getElementById('head_right').offsetTop" really works (which I suppose... *g*)
var x=document.getElementById('head_right').offsetTop;
var y=document.getElementById('head_right').offsetLeft;
(this is IE)
document.all.content.offsetTop=x;
document.all.content.offsetLeft=y;
only change remains